The American Petroleum Institute reported a 2.03 million-barrel decline in US crude inventories for the week ended October 23, following a steeper 4.93 million-barrel drop the prior week. Both Brent and WTI crude traded lower on the news.
HSBC shares dropped nearly 7% on Tuesday after third-quarter revenue missed forecasts and wealth income stalled, overshadowing a 32% rise in pre-tax profit and a new $1 billion share buyback.
The London Metal Exchange began trading its new hot-rolled coil steel contract on Tuesday, the first product born from its tie-up with the Shanghai Futures Exchange. More than 550 lots changed hands in the opening session across the two active contract months.
Freeport-McMoRan reported third-quarter sales of $7.55 billion and adjusted profit of $0.88 a share, both ahead of Wall Street expectations, as stronger copper and gold prices cushioned a steep slide in gold shipments and climbing output costs.
USD/CAD is treading water close to the 1.40 mark as traders await rate announcements from the Bank of Canada and the US Federal Reserve. Economists point to narrowing cross-border yield gaps and growing odds of a BoC hike as the main forces at play.
Commerzbank analyst Norman Liebke says European natural gas prices will likely remain high this winter as tight LNG supply and below-average storage levels force the region to lean on flexible LNG cargoes.
South Korea's SK Hynix reported third-quarter operating profit of around 83 trillion won, topping estimates of around 77 trillion won, and said it would hand shareholders roughly 100 trillion won in 2026.
Reserve Bank of Australia Governor Michele Bullock said renewed Middle East conflict has pushed energy prices well above the central bank's August assumptions, lifting the inflation outlook ahead of next week's rate decision.
US officials have reportedly asked several Gulf Arab governments to get ready for a brief but forceful military operation against Iran once the November 3 midterm vote is over, adding fresh upside risk to oil prices.
Maritime attacks in the Strait of Hormuz more than doubled in October to over 30 incidents, keeping Brent crude near $115 a barrel as Iran-related tensions and a separate Saudi-Houthi conflict escalate.